Concentrix to Buy B2B Sales Firm ServiceSource for $131M
Customer experience (CX) solutions provider Concentrix has agreed to acquired B2B digital sales solution ServiceSource in a deal worth $131 million, according to a Monday (May 9) press release.
ServiceSource provides digital sales and customer success solutions for technology and new economy brands. When the acquisition is complete — sometime in the second half of the fiscal year 2022 — Concentrix will welcome ServiceSource’s staff to its team, the release stated.
“We continue to be committed to reimagining everything CX for our clients and delivering strong returns to our shareholders through our investments,” said Concentrix President and CEO Chris Caldwell in the release. “We’re seeing significant opportunities for growth in our B2B sales business today, and ServiceSource’s complementary capabilities and footprint in this space … will enable us to … scale to meet demand with existing and new clients.”
The deal is expected to generate $230 million of revenue and $38 million of adjusted EBITDA in the first year following the acquisition, according to the release.
The last two years have seen a digital shift in the B2B world, one that will alter the way trillions of dollars’ worth of goods and services are sourced and paid for.
Read more: Platforms, Marketplaces Pave the Digital Path for Better B2B Ecosystems
This shift goes beyond just technology — where apps and portals make price discovery easier than ever. The pivot is also changing how buyers and suppliers interact, with benefits that improve cash flow across companies and bring more parity, and even a sense of collaboration, to their relationships.
There’s a growing awareness among chief financial officers (CFOs) as to the advantages inherent in digital transformations.
In PYMNTS’ study, “Business Payments Digitization: A Path to a Better Balance Sheet,” conducted in collaboration with Corcentric, nearly three-quarters of CFOs interviewed said they would beef up their digital payment programs.